Most of us have never experienced these unprecedented current events; however, in the business world we can somehow relate it to the last economic slowdown experienced in 2008. Here are four subjects to think about now:
Don’t forget that about a month ago you were struggling to “find good people” or people that really wanted to work.
Before you start laying off or letting people go. Consider that you might be better off not doing so. If you take care of your employees now, most likely they will be very appreciative of your actions and you might have more loyal team members for the long run. At the end of the day remember that all of us want to feel appreciated and valued.
Rethink twice or 3 times before you call your Account Executive or Agency to stop your ads. I know this might be one of the hardest decisions you make, but you have to understand that this will pass. Almost everyone is paying close attention to what is going on around the world and broadcast TV viewership has to be up. I mean everyone is having to stay home. I always say that “it is harder to push an idled car than one already in motion.” The market share war will be even fiercer when this passes.
If your business has a social media presence, utilize it to keep your customers informed. However, make sure it’s relevant and informational, please try NOT to copy and paste competitors posts. If you don’t have one, now is the time to prepare one. You have the time and/or employees looking for something to do.
Social media interaction is unarguably high. We have a client on the retail side that we helped by posting a notice on Facebook and within 25 minutes we had more than 500 views and over 50 interactions. Again, make sure your posts are relevant.
Vendors and Clients,
Since a lot of people are having to stay at home for work, now would be a time to CALL THEM and further discuss your ideas that you have been putting off and, or discuss options and opportunities with your vendors. This could be a good filter for you to know what vendors truly care about you and your business and not just your purchasing power.
Consider reaching out to each one of your most important, if not all your clients, and thank them for their business and assure them that you are going to be there when this passes.